Nonresidential building construction spending steady in April
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Jobsite spending on nonresidential building construction fell a nominal 0.1% in April after increasing for two months. Current spending is about 3% below the peak level last October. However, the value of starts has plunged nearly 50% since peaking last August so the amount of work underway will continue to shrink. A 6-7% decline is expected from April to yearend, says Reed Construction Data chief economist Jim Haughey.